The US SEC has won a cryptocurrency fraud case, and the man involved has been ordered to pay over $1.1 million in damages

On June 5th, according to Cointelegraph, the US Securities and Exchange Commission (SEC) won a $1.1 million court victory in a cryptocurrency fraud case, in which the defendant did not respond to the allegations. A federal court judge in Georgia ruled in absentia in the case, supporting the SEC's lawsuit against Keith Crews. The SEC sued Crews in August 2023, accusing him of involvement in cryptocurrency fraud, but Crews did not respond or defend against it. Judge Tiffany Johnson ruled that Crews must pay a financial penalty of over $1.1 million, including a return of $530000 in net profit earned for alleged misconduct, nearly $51000 in pre judgment interest, and $530000 in civil fines. In addition, the judge also ruled that Crews is permanently prohibited from violating securities laws again.